JSW Cement LimitedInfrastructure & ConstructionJSWCEMENT
Q1 FY27 earnings callJSW Cement Limited
Quarter results showed strong volume growth and a positive ramp-up of North operations, despite cost pressures from fuel and marketing investments.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Sales Volume | 3.81 million tons | 15% Y-o-Y | |
| Cement Volume | 2.34 million tons | 27% Y-o-Y | |
| Consolidated Revenue | INR1,896 crores | 22% Y-o-Y | |
| Consolidated Operating EBITDA | INR299 crores | -7.5% Y-o-Y | |
| Operating EBITDA per ton | INR784 per ton | — | |
| Cement Realization | INR4,951 per ton | 6% Q-o-Q | |
| GGBS Realization | INR3,807 per ton | 3.4% Q-o-Q | |
| North Region Capacity Utilization (Jun '26) | 68% | — |
TL;DR
- Total sales volume increased 15% Y-o-Y to 3.81 million tons, with cement volume up 27%.
- North region operations commenced, achieving 55% capacity utilization in Q1.
- Revenue grew 22% Y-o-Y to INR1,896 crores, but EBITDA declined 7.5% due to fuel costs and North marketing spend.
- Expect high teens overall volume growth for the year, including North, and high single-digit growth for GGBS.
- Capex for the year is planned at INR2,300 crores, with net debt to EBITDA at 2.95x.
Said on the call
“FY27 has started off on a strong note for the company despite the ongoing uncertainty around the West Asia crisis and the impact of state elections held early in the quarter.”
From the Q&A
| Topic | What management said |
|---|---|
| North Operations Profitability & Marketing Spend | Management confirmed a planned marketing investment of INR33 crores for brand launch activities in the North region. They expect the North operations to be EBITDA breakeven in Q2 and turn profitable, targeting 60%+ capacity utilization by year-end. |
| GGBS Volume Outlook | Growth was muted at 2.6% Y-o-Y due to RMC closures and aggregate issues. Guidance revised to high single-digit growth for the year, with optimism from 29 new large infra project approvals. |
| Capex Plans and Capacity Expansion | Capex for the year is INR2,300 crores, aiming to increase capacity to 43.5 million tons over the next few years. Central and Northeast expansions are being evaluated, with announcements expected soon. |
| North Region Incentives | Capital subsidy incentives (~INR50 crores for first three years) have not been booked yet; awaiting eligibility certificate. Other incentives booked in Q1 were slightly less than INR6 crores. |
| Fuel Cost Outlook | Blended fuel cost increased to INR1.80 per Mcal. Management is switching to domestic coal and does not expect further escalation; costs are expected to come down in Q3. |
| RMC Business | Currently 15 RMC plants, with plans to add 35 more. Revenue was INR180 crores in Q1, targeting north of INR1,000 crores for the year, including captive group projects. |
Guidance
- Expect high teens overall company volume growth for FY27, including North region.
- GGBS growth expected to be in high single digits for the year.
- Target North region capacity utilization of 60%+ by year-end.
- Capex for FY27 planned at ~INR2,300 crores.
- Aim to keep net debt to EBITDA below 3.0x.
Source
Summary written from the transcript filed by JSW Cement Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 09:57 IST.